FM Nirmala Sitharaman Highlights India’s Economic Resilience Amid Global Uncertainty

Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Thursday said India’s strong fundamentals and reform-led growth are helping the economy stay resilient despite global headwinds. Speaking at the 91st Foundation Day celebrations of Bank of Maharashtra in Pune, she praised the lender’s role in driving financial inclusion and called customer trust “the cornerstone of banking.”

“Every customer complaint should be seen as an opportunity to improve and ensure the same issue never repeats. Banks must reinforce trust at every step,” Sitharaman said while virtually inaugurating the bank’s new corporate office.

The finance minister emphasized that India continues to stand out as the fastest-growing major economy, averaging nearly 8% annual GDP growth between FY22 and FY25, with 7.8% expansion in the April–June quarter this year. She credited proactive fiscal and monetary measures, bold reforms and investments in digital and physical infrastructure for sustaining momentum.

“Amidst global uncertainty, India’s resilience is remarkable. This resilience is not accidental — it is built on reforms, governance improvements, and the government’s Nagrik Devo Bhava approach,” she said.

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Sitharaman also pointed to UPI as a model of interoperable innovation, recently praised by the IMF, while stressing that digitalisation must be complemented by integrity and empathy.

Commending Bank of Maharashtra’s inclusion efforts, she noted the opening of 1.21 crore Jan Dhan accounts, 55 lakh enrollments under PM Jeevan Jyoti Bima Yojana, Rs 33,000 crore disbursed under MUDRA loans, and support for 1.67 lakh street vendors through PM SVANidhi. “Such initiatives show how banking can empower lives at the grassroots,” she remarked.

Department of Financial Services Secretary M. Nagaraju added that PSBs collectively posted a record Rs 1.78 lakh crore profit last year, and are now surpassing private banks in credit growth. He urged lenders to continue evolving as customer-centric institutions while strengthening support for MSMEs, education and agriculture.